An Act to Amend Section One Hundred and Seventy-Four of Act Numbered Fourteen Hundred and Fifty-Nine as Amended by Act Numbered Two Thousand and Ninety-Two
Act No. 2994, approved on March 4, 1921, amends Section 174 of Act No. 1459 regarding the capital stock of corporations in the Philippines. It stipulates that stockholders must pay regular dues until shares are withdrawn, canceled, or have matured to their par value. Corporations can issue paid-up or investment stock at par value, allowing holders to receive fixed dividends without participating in further profits. Surrendering such stock requires six months' notice, entitling the holder to the principal plus accrued interest. The total capital stock is capped at twenty million pesos.
Quick Answers
- What is An Act to Amend Section One Hundred and Seventy-Four of Act Numbered Fourteen Hundred and Fifty-Nine as Amended by Act Numbered Two Thousand and Ninety-Two about?
- Act No. 2994, approved on March 4, 1921, amends Section 174 of Act No. 1459 regarding the capital stock of corporations in the Philippines. It stipulates that stockholders must pay regular dues until shares are withdrawn, canceled, or have matured to their par value. Corporations can issue paid-up or investment stock at par value, allowing holders to receive fixed dividends without participating in further profits. Surrendering such stock requires six months' notice, entitling the holder to the principal plus accrued interest. The total capital stock is capped at twenty million pesos.
- What type of law is Act No. 2994?
- An Act to Amend Section One Hundred and Seventy-Four of Act Numbered Fourteen Hundred and Fifty-Nine as Amended by Act Numbered Two Thousand and Ninety-Two (Act No. 2994) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act to Amend Section One Hundred and Seventy-Four of Act Numbered Fourteen Hundred and Fifty-Nine as Amended by Act Numbered Two Thousand and Ninety-Two enacted?
- An Act to Amend Section One Hundred and Seventy-Four of Act Numbered Fourteen Hundred and Fifty-Nine as Amended by Act Numbered Two Thousand and Ninety-Two (Act No. 2994) was enacted on Mar 4, 1921.
- What is the citation for An Act to Amend Section One Hundred and Seventy-Four of Act Numbered Fourteen Hundred and Fifty-Nine as Amended by Act Numbered Two Thousand and Ninety-Two?
- An Act to Amend Section One Hundred and Seventy-Four of Act Numbered Fourteen Hundred and Fifty-Nine as Amended by Act Numbered Two Thousand and Ninety-Two, Act No. 2994, Mar 4, 1921 (Philippines)
Law Information
- Reference Number
- Act No. 2994
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 4, 1921
ACT NO. 2994
AN ACT TO AMEND SECTION ONE HUNDRED AND SEVENTY-FOUR OF ACT NUMBERED FOURTEEN HUNDRED AND FIFTY-NINE AS AMENDED BY ACT NUMBERED TWO THOUSAND AND NINETY-TWO
SECTION 1. Section one hundred and seventy-four of Act Numbered Fourteen hundred and fifty-nine, as amended by section one of Act Numbered Two thousand and ninety-two, so that said section shall read as follows:
"SEC. 174. The capital stock of such corporations shall paid in by the stockholders in regular, equal, periodical payments, known as dues, at such times and in such amounts as shall be provided in the by-laws of the corporation. The dues on each share of stock subscribed for by a stockholder shall continue to be paid by the stockholder to the corporation until the share has been duly withdrawn, canceled, or forfeited, or until the share has reached its matured values; that is to say, when the dues paid on each share and the net earnings thereof, in accordance with the by-laws, shall amount to the par value of the share, but such corporation may issue and sell at par, for cash, paid-up or investment stock, and may pay to the holders of such shares a rate of interest or dividend to be fixed by the board of directors of the corporation, which shall be expressed in the stock shares and shall not participate further in the profits or accretions of the corporation. Such paid-up or investment stock may be surrendered by the holder at any time upon the giving of six months' notice to the corporation, or such briefer notice as the corporation may fix, and upon such surrender the holder will be entitled to receive only the amount of principal invested together with the accrued interest or earned dividend fixed by the board of directors and expressed in the stock shares. The capital stock shall consist of the proceeds of such paid-up or investment stock and of such accumulated dues together with the earnings and profits of the corporation, and shall in no case exceed twenty million pesos."
SECTION 2. This Act shall take effect on its approval.
Approved, March 4, 1921.
Cite This Law
An Act to Amend Section One Hundred and Seventy-Four of Act Numbered Fourteen Hundred and Fifty-Nine as Amended by Act Numbered Two Thousand and Ninety-Two, Act No. 2994, Mar 4, 1921 (Philippines)
An Act to Amend Section One Hundred and Seventy-Four of Act Numbered Fourteen Hundred and Fifty-Nine as Amended by Act Numbered Two Thousand and Ninety-Two, Act No. 2994 (Phil. 1921)
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